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Reader Poll Replies:
* I am not a big slot machine player, but I really think the
level should be raised to $2500. Nothing else has remained the
same for 20 years, why should you be taxed on the same level. Ben
Towers NY
* I just don't understand
why you should pay tax on any winnings. The money used to win you paid
tax on, so it's not really fair. Here in Canada we don't pay tax on any
of our winnings, we pay enough on everything else. Lynda
Loipersbeck
* I vote no to taxing slot machine
winnings. does the machine track lost dollars? No! I may have put in
$1500.00 to win $1200.00 will they give me a tax deduction. this is
ridiculous law and should be put to bed with all the other bad laws. By
the way I do not play slot machines. Ron D
* Great question and my
opinion is this: it should of been raised years ago. Your right in
saying everything has gone up in price. Consider getting taxed on
the $1200. You are looking of what 37% or so being due in taxes. Even
more if your state has a state income tax. It almost makes you play say
on a dollar machine one coin compared to two. The difference in
the win is not that much after taxes and no hassle come the end of they
year where they (irs ) will add the winnings to your earnings. So yes up
the cutoff to say at least $1500 and better to $2000. Watcherboy
*
No. I do not believe that payoffs of 1200.00 or more should be
taxed. Most people spend their hard earned money on these machines which
has already been taxed through payroll-Federal and most states, state
taxes. Chuck from Arizona
*
Businesses are required to file a 1099 on payments of $600 or over.
Technically, you are supposed to pay income tax on ALL winnings, not
just those with a paper trail. The $1200 limit on backup withholding for
gaming winnings is generous in that context. My preference would be to
raise the 1099 mark to $1800 or $2500 for businesses, and eliminate the
backup withholding on gaming winnings altogether. However, the paper
trail needs to be created to incentives compliance with paying the taxes
on the winnings. The shrewd gambler incorporates (in tax free Nevada!)
and deducts losses against winnings to reduce tax liability. But
that brings up the philosophical issue that Gambling Winnings are Not
Income. How greedy can the government get? The bets are paid with
after-tax dollars. The winnings are freely (and usually rapidly) spent
on goods and services, which produce taxable income, and jobs. Siphoning
off 50% of a large win is not good for the economy. Don Portland
* It needs to be 1500.00
before we pay taxes on it. GJ Smith
* Taxing winnings is just one more
way the government has their hand in our pockets. I think it is
wrong and especially since you cannot count off more on your taxes than
you win, it is a one sided program. Sue. Huntington, CA
* It makes no sense to tax
money you already paid taxes on, this is just another reason why people
do not like government controls, it is not fair. Bobby T. AZ
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